The return on investment (RoI) from technologies such as artificial intelligence (AI) will take time to materialise, and the immediate priority should be to increase spending on building governance frameworks around AI, top bank executives said.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
Venture capital (VC) and private equity (PE) funds had, in 2024, taken bets on traditional businesses rather than tech-first domains like consumer tech, software as a service (SaaS) and software. According to data from Bain & Co, Pitchbook, Venture Intelligence, VCC Edge and AVCJ, prominent VC funds like PeakXV saw their share in this traditional space go up sharply from 14 per cent in 2023 to 23 per cent in 2024.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
In the eye of a storm over Supreme Court's observation on its retail banking licence in the country, Swiss banking major UBS on Tuesday said it is for the Indian government to defend the views and reasons for granting the same.
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With a loan book of $268 billion, India's retail banking is now ahead of Russia, Malaysia and Mexico but behind China, Brazil and Thailand
The bank has won the 'Best Retail Bank in India' award for the fifth year in a row.
Troubled banking giant Citigroup on Friday said it has completed the sale of its German retail banking business to European banking group Credit Mutuel-CIC for euro 5.2 billion ($ 6.6 billion) in an all cash deal.
The Industrial Development Bank of India will start its retail banking operation with 100-odd branches from April this year, its chairman M Damodaran said in New Delhi on Tuesday.
ICICI Bank edged past foreign banking majors Citibank and Standard Chartered Bank to emerge as the best retail bank in India, according to the latest issue of 'Asian Banker Journal'.
As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
To provide more choices to customers, the Reserve Bank of India has suggested mandating bank and non-bank card issuers to issue debt, credit and prepaid cards on more than one network. Customers can choose any one either at the time of issue of the card or anytime later, according to draft norms released by the Reserve Bank of India on Wednesday. The RBI said card issuers would also be barred from signing agreements that limit their ability to tie-up with other card-networks, according to the draft.
Ashok Vaswani, a banker with more than three-and-half decades experience in building and scaling up businesses across consumer and corporate banking and payments, will be the next managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank. Last week, the Reserve Bank of India (RBI) had given its approval to Vaswani's appointment. Vaswani is currently President of Pagaya Technologies, a US-Israeli artificial intelligence (AI) fintech firm, which he joined in June 2022.
Lenders in India, comprising banks and finance companies, anticipate robust growth in retail credit during the upcoming festival season, stretching from September to December 2023. This expectation is based on resilient demand, government initiatives, and elections in key states.
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Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.
'The last year's growth is a foretaste of things to come in the retail credit market.'
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
Private sector lender Axis Bank is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday. According to the sources, the deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals. In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
As it winds down its retail bank in the country, American lender Citi on Tuesday said it will be hiring 80 bankers in India over the next three years for its commercial banking vertical. The move is part of a plan to hire 350 bankers in Citi Commercial Bank Asia Pacific over the next three years, as per a statement. As per reports, the bank, which had taken a decision to exit the retail banking business in most of the markets globally, is in advanced stage of selling the business in India, with Axis Bank leading the race.
Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
Despite rising interest rates, leading home loan players SBI and HDFC have announced discounted interest rates beginning at 8.40 per cent as part of their festive offerings. SBI in a statement said that its home loan book has topped the Rs 6 lakh crore mark, a first in the industry. The leading lender said it is offering up to 25 bps discount on interest rate to new home loan borrowers, making the entry level rate at 8.40 per cent and the offer will run up to January 31, 2023.
American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
Looking to regain lost ground in the credit cards segment, HDFC Bank on Monday announced a tie-up with leading payments company Paytm to start selling co-branded plastics before the onset of the festive season. The credit cards will be powered by Visa and will include offerings targeted at millennials, business owners and merchants, an official statement said. Paytm has a reach of over 330 million consumers and 21 million merchants, while HDFC Bank has over 5 million debit, credit and prepaid cards, and serves 2 million merchants through its offerings.
Union Finance Minister Nirmala Sitharaman on Monday said banks need to focus more on being customer-friendly so that the process of availing credit becomes more hassle-free for borrowers. However, the minister made it clear that banks do not have to be lenient on credit underwriting standards by taking any adverse risks on a proposal. At a meeting between industry representatives and the finance minister, a startup founder in the baking business suggested for credit to be available hassle-free, to which largest lender SBI's chairman Dinesh Kumar Khara said a startup's worries are more on the equity side and assured full support in lending if sufficient equity is on the table.
'The money is readily available to the depositors.'
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
The plan was to expand further, add more branches and also eventually become the third bank in India to start a wholly owned subsidiary after Singapore's DBS Bank and State Bank of Mauritius, but those plans never materialised due to lack of scale and rising non-performing assets in the country.
Experts say a combination of improving asset quality and NBFCs' weak balance-sheets bodes well for both corporate and retail banks.
The Reserve Bank of India (RBI) on Friday kept key repo rate unchanged at 4 per cent in view of rising inflation and faint signs of economic growth amid gradual lifting of coronavirus (COVID-19) lockdown. The central bank's newly-constituted monetary policy committee (MPC) began its three-day meeting on October 7 and maintained the stance as accommodative. It also kept the reverse repo rate unchanged at 3.35 per cent.
A study by researchers from the Indian Institute of Technology Bombay found that a droplet remains liquid for a much shorter time on a porous surface, making it less favourable to the survival of the virus.
'As valuations of large-caps appeared to be out of whack, investors started lapping up quality mid-caps and small-caps, which were available at relatively comfortable valuations.'
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